10/13/2021 | Press release | Distributed by Public on 10/12/2021 11:35
MANILA, PHILIPPINES (13 October 2021) -The Asian Development Bank (ADB) today announced it is elevating its ambition to deliver climate financing to its developing member countries (DMCs) to $100 billion from 2019-2030.
"The battle against climate change will be won or lost in Asia and the Pacific," said ADB President Masatsugu Asakawa. "The climate crisis is worsening daily, prompting many to call for increased climate finance. We are taking action to meet this call by elevating our ambition to $100 billion in cumulative climate finance from our own resources by 2030."
In 2018, ADB committed to ensuring at least 75% of the total number of its operations support climate action and its own climate finance resources reach at least a cumulative $80 billion by 2030. Today's announcement elevates the ambition of this financing.
ADB expects the cumulative climate financing from its own resources in 2019-2021 to reach about $17 billion.
The expanded climate finance ambition is a key element of ADB's efforts to support its DMCs. Facing the interconnected challenges of the coronavirus disease (COVID-19) pandemic and the climate crisis, many DMCs are taking bold action to promote a green, resilient, and inclusive recovery.
The additional $20 billion will provide support for the climate agenda in five main areas:
Across these areas, ADB will continue to expand access to new, climate-focused technologies and mobilize private capital toward climate finance.
ADB is committed to achieving a prosperous, inclusive, resilient, and sustainable Asia and the Pacific, while sustaining its efforts to eradicate extreme poverty. Established in 1966, it is owned by 68 members-49 from the region.